A Real Estate Portfolio Strategy for Europe: A Review of the Options

Éamonn D'Arcy and Stephen Lee

Journal of Real Estate Portfolio Management, 1998, vol. 4, issue 2, 113-123

Abstract: Executive Summary. This study examines the basis for the construction of a pan-European real estate portfolio strategy within the context of increased economic and monetary integration in Europe and the differences that exist between European property markets in their institutional structure. Utilising data on returns by property type from 1990 to 1996 taken from the ONCOR International data set, a limited empirical examination is carried out of portfolio strategies as an illustration of the issues raised. The findings of this analysis clearly indicate that, portfolios need to be constructed on a country basis, a portfolio concentrated in secondary cities outperforms a similar one in capital cities, and the composition of the optimal portfolio exhibits considerable inter-temporal instability.

Date: 1998
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DOI: 10.1080/10835547.1998.12089562

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